Between discussing Ukraine with Russia’s foreign minister in Beijing and flying to a meeting on Iran’s nuclear program, U.S. Secretary of State John Kerry took time to meet with some of China’s biggest investors in the U.S.
Among the executives at the meeting in Beijing yesterday was Lenovo Chief Executive Officer Yang Yuanqing, who last month closed $5 billion in asset purchases from U.S. companies. A photograph of the group Yang posted to his Twitter account also featured China Petrochemical Corp.
Chairman Fu Chengyu, Dalian Wanda Group Chairman Wang Jianlin and Xiaomi Corp. Chief Executive Officer Lei Jun. Kerry’s meeting highlights the growing importance of Chinese companies as they move from being suppliers to investors.
Last year was the first time Chinese investment in the U.S. exceeded U.S. investment in China, with President Xi Jinping today signaling more is to come when he told a gathering of executives in Beijing that China will invest $1.25 trillion abroad over the next decade.
“Participated in a round table with John Kerry to discuss ways to strengthen global relationships and build more trust,” Yang said in his Twitter post, without elaborating.
Kerry, in Beijing for meetings of the Asia-Pacific Economic Cooperation forum, gathered with the executives after meeting Russian Foreign Minister Sergei Lavrov, Australia Foreign Minister Julie Bishop and Indonesian Foreign Minister Retno Marsudi.
Motorola Purchase
The investments Lenovo completed last month include the $2.91 billion purchase of Motorola Mobility from Google Inc. (GOOG), and the $2.1 billion purchase of International Business Machines Corp.’s (IBM) low-end server unit.
With the purchase of Motorola, Lenovo will look to expand smartphone sales in developed markets such as the U.S., Yang has said.
China Petrochemical, also known as Sinopec, agreed in February 2013 to pay $1.02 billion for a 50 percent stake in Chesapeake Energy Corp.’s Mississippi Lime assets. The assets, located in Oklahoma, were producing 46,000 barrels of oil a day at the end of 2012.
Also in 2012, Wanda bought AMC Entertainment Holdings Inc., the second-largest U.S. cinema chain, for $2.6 billion including debt.
That made Wanda the largest theater owner in the world. Xiaomi overtook Lenovo as the world’s third-largest smartphone maker in the third quarter behind Samsung Electronics Co. and Apple Inc., International Data Corp. announced last month.
Xiaomi is expanding in 10 markets outside of China this year, Lei has said. The company hasn’t announced plans to sell phones in the U.S.
According to the U.S. State Department, other executives who attended included Robin Li from Chinese search engine Baidu Inc., WH Group Chairman Long Wan, Tianjin Pipe Group Corp. Chairman Liu Yunsheng and Alibaba Group Holdings Ltd. Chief Executive Lu Zhaoxi.
A few hours after meeting the executives, Kerry flew to Oman for meetings with Iranian Foreign Minister Mohammad Javad Zarif and European Union foreign policy chief Catherine Ashton.
bloomberg.com
Among the executives at the meeting in Beijing yesterday was Lenovo Chief Executive Officer Yang Yuanqing, who last month closed $5 billion in asset purchases from U.S. companies. A photograph of the group Yang posted to his Twitter account also featured China Petrochemical Corp.
Chairman Fu Chengyu, Dalian Wanda Group Chairman Wang Jianlin and Xiaomi Corp. Chief Executive Officer Lei Jun. Kerry’s meeting highlights the growing importance of Chinese companies as they move from being suppliers to investors.
Last year was the first time Chinese investment in the U.S. exceeded U.S. investment in China, with President Xi Jinping today signaling more is to come when he told a gathering of executives in Beijing that China will invest $1.25 trillion abroad over the next decade.
“Participated in a round table with John Kerry to discuss ways to strengthen global relationships and build more trust,” Yang said in his Twitter post, without elaborating.
Kerry, in Beijing for meetings of the Asia-Pacific Economic Cooperation forum, gathered with the executives after meeting Russian Foreign Minister Sergei Lavrov, Australia Foreign Minister Julie Bishop and Indonesian Foreign Minister Retno Marsudi.
Motorola Purchase
The investments Lenovo completed last month include the $2.91 billion purchase of Motorola Mobility from Google Inc. (GOOG), and the $2.1 billion purchase of International Business Machines Corp.’s (IBM) low-end server unit.
With the purchase of Motorola, Lenovo will look to expand smartphone sales in developed markets such as the U.S., Yang has said.
China Petrochemical, also known as Sinopec, agreed in February 2013 to pay $1.02 billion for a 50 percent stake in Chesapeake Energy Corp.’s Mississippi Lime assets. The assets, located in Oklahoma, were producing 46,000 barrels of oil a day at the end of 2012.
Also in 2012, Wanda bought AMC Entertainment Holdings Inc., the second-largest U.S. cinema chain, for $2.6 billion including debt.
That made Wanda the largest theater owner in the world. Xiaomi overtook Lenovo as the world’s third-largest smartphone maker in the third quarter behind Samsung Electronics Co. and Apple Inc., International Data Corp. announced last month.
Xiaomi is expanding in 10 markets outside of China this year, Lei has said. The company hasn’t announced plans to sell phones in the U.S.
According to the U.S. State Department, other executives who attended included Robin Li from Chinese search engine Baidu Inc., WH Group Chairman Long Wan, Tianjin Pipe Group Corp. Chairman Liu Yunsheng and Alibaba Group Holdings Ltd. Chief Executive Lu Zhaoxi.
A few hours after meeting the executives, Kerry flew to Oman for meetings with Iranian Foreign Minister Mohammad Javad Zarif and European Union foreign policy chief Catherine Ashton.
bloomberg.com
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